The Indian equity market continued subdued trade on Monday afternoon amid mixed set of global cues.
The Indian equity market continued subdued trade on Monday afternoon amid mixed set of global cues. The 30-share BSE Sensex traded 120 points down or 0.33 percent, at 36,349 at 12.20 pm.
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The broader 50-share NSE Nifty slipped by 38 points or 0.35 percent, to trade at 10,856. Benchmark indices started lower on Monday morning dragged largely by financials. Read Opening Bell here
Broader markets underperformed with Anil Ambani-promoted Reliance Communications (RCom), Reliance Power and Reliance Infra falling massively after the telco approached the National Company Law Tribunal for debt resolution. RCom shares tanked over 50% in trade on Monday.
In a relief to RCom, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) directed the Department of Telecommunications (DoT) to release Rs 2,000 crore bank guarantee provided by the company. For full report click here
M&M Finance, Berger Paints, Voltas, Exide Industries were other major drags on the midcap index. Divis Labs, RBL Bank, Bajaj Holding, IGL and Future Retail helped the bulls.
At 12.28 pm, the Nifty MidCap was down by a percent and the BSE MidCap declined by 0.82 percent.
The BSE Consumer Durables, led by L&T, surged 1.82 percent, leading among 4 advancing sectors. Reliance Industries helped BSE Energy and Nifty Energy as well as BSE Oil & Gas trade with gains.
The BSE Telecom was the weakest among 39 declining sectors and the Nifty Metal fell by 1.76 percent.
Among gainers, Titan, Eicher Motors, ONGC, Bajaj Auto, Reliance Industries, Hindustan Unilever and HDFC Bank, surged by up to 5 percent.
Tata Steel, Hindalco, Yes Bank, HPCL, IndusInd Bank, M&M, Bharti Airtel declined by up to 4 percent.
Bajaj Auto shares gained 2 percent after reporting a 15 percent increase in total sales in January at 4,07,150 units as against 3,53,147 units in the same month previous year.
Titan Company shares gained over 5 percent to hit a 52-week high of Rs 1,050 on Monday morning as brokerage houses raised price target on the stock after the company reported strong earnings for December quarter.
Dewan Housing Finance Ltd's shares fell as much as 13 percent to Rs 96.8 on Monday, their lowest since December 23, 2013. The mortgage lender's stock fell as claims of financial mismanagement and broader sectoral woes continue to plague the home loan provider.
Meanwhile, the rupee traded at 71.67 per US dollar at 12.38 pm. The rupee opened 29 paise lower against the greenback on Monday, as a stronger US dollar and concerns related to fiscal slippage weighed on the sentiment.
In Asia, Japan's Nikkei rose 0.46 percent, while Hong Kong's Hang Seng was up 0.21 percent. South Korea's Kospi and the mainland China's Shanghai Composite Index were closed due to holidays.
Also, catch all the action and updates in our Market Live blog.
First Published: Feb 4, 2019 12:52 PM IST